Sealcorp to cover advisers on GST
Sealcorp’s Asgard Capital Management and other operations will cover advisers from any upfront GST charges fully through a 10 per cent rise in upfront and trail commissions.
Sealcorp’s Asgard Capital Management and other operations will cover advisers from any upfront GST charges fully through a 10 per cent rise in upfront and trail commissions.
However, the Sealcorp group will pass on directly to investors, where applicable, any ongoing net GST costs, through a 2.5 per cent rise in Management Expense Ratios (MERs).
Asgard investors bear only one quarter of the GST cost because, as a master trust, it qualifies for reduced input tax credits (RITCs).
Sealcorp says any purchases and sales of investments by Asgard will not attract GST, while the services of the wholesale fund manager which attract GST, will only be reflected in the price of the fund.
Asgard group financial accountant Brad Scally adds that advisers will be able to claim a tax deduction of the cost of the GST on their fees, providing that these fees were deductible prior to GST.
Recommended for you
A strong demand for core fixed income solutions has seen the Betashares Australian Composite Bond ETF surpass $1 billion in funds under management, driven by both advisers and investors.
As the end of the year approaches, two listed advice licensees have seen significant year-on-year improvement in their share price with only one firm reporting a loss since the start of 2025.
Having departed Magellan after more than 18 years, its former head of investment Gerald Stack has been appointed as chief executive of MFF Group.
With scalability becoming increasingly important for advice firms, a specialist consultant says organisational structure and strategic planning can be the biggest hurdles for those chasing growth.
